AuMEGA Metals Announces Technical Committee and Board Member Retirement
Rhea-AI Summary
AuMEGA Metals (OTCQB: AUMMF) announced the creation of a Technical Committee of the Board to strengthen strategic oversight of its exploration programs across its district-scale land position in Newfoundland and Labrador.
The Committee will include at least three directors with geological and mining expertise, will work with management and the technical team, and will liaise with strategic shareholders on exploration priorities and long-term value creation. The company also announced that Kerry Sparkes will retire from the Board effective 30 November 2025; Sparkes joined as technical advisor in June 2021 and was appointed to the Board in September 2022, most recently serving as Chair of the Remuneration and Nomination Committee.
Positive
- Technical Committee formed to strengthen exploration oversight
- Committee minimum size of three directors with geological expertise
- Kerry Sparkes contributed to exploration strategy since 2021
Negative
- Board experience reduced when Kerry Sparkes retires 30 November 2025
- No immediate replacement announced for outgoing Remuneration and Nomination Committee chair
News Market Reaction 1 Alert
On the day this news was published, AUMMF declined 7.69%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Edmonton, Alberta--(Newsfile Corp. - October 30, 2025) - AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) ("AuMEGA" or "the Company") advises that it has established a Technical Committee of the Board of Directors to enhance strategic oversight of the Company's exploration programs across its district-scale land position in Newfoundland and Labrador, Canada.
The Technical Committee will comprise at least three Directors with deep geological and mining expertise and will work closely with management and the Company's technical team. The Committee will also serve as a liaison with key strategic shareholders to ensure alignment on exploration priorities and long-term value creation.
The Company also advises that Mr. Kerry Sparkes will retire from the Board effective 30 November 2025, as he steps back from public company roles to focus on personal commitments.
Mr. Sparkes joined AuMEGA as a technical advisor in June 2021 and was appointed to the Board in September 2022. He served most recently as Chair of the Remuneration and Nomination Committee and played a key role in shaping AuMEGA's exploration strategy in Newfoundland and Labrador.
AuMEGA Metal's Chair, Justin Osborne commented:
"Kerry has made several contributions in AuMEGA's journey. As a Newfoundlander with an exceptional technical and industry background, his guidance and perspective have meaningfully contributed to the Company's progress. On behalf of the Board, I thank Kerry for his service, integrity, and commitment, and wish him the very best."
Outgoing Non-Executive Director, Kerry Sparkes commented:
"It has been a privilege to contribute to AuMEGA's growth over the past several years. I continue to believe in the potential of the Company's portfolio and in the strategy and capability of the Board and management to unlock value. I look forward to supporting the Company as a committed shareholder as it advances its exploration programs."
This announcement has been authorised for release by the Company's Board of Directors.
To learn more about the Company, please visit www.aumegametals.com, or contact:
Sam Pazuki, Managing Director & CEO
Canada Phone: +1 780 665 4925
Australia Phone: +61 8 6117 0478
Email: info@aumegametals.com
About the Company
AuMEGA Metals Ltd (ASX: AAM) (TSXV: AUM) (OTCQB: AUMMF) is utilising best-in-class exploration to explore on its district scale land package that spans 110 kilometers along the Cape Ray Shear Zone, a significant under-explored geological feature recognised as Newfoundland, Canada's largest identified gold structure. This zone currently hosts Equinox Gold's Valentine Gold Project, a multi-million-ounce deposit which is the region's largest gold project, along with AuMEGA's expanding Mineral Resource.
The Company is supported by a diverse shareholder registry of prominent global institutional investors, and strategic investment from B2Gold Corp, a significant, intermediate gold producer.
Additionally, AuMEGA holds a 27-kilometre stretch of the highly prospective Hermitage Flexure and has also secured an Option Agreement for the Blue Cove Copper Project in southeastern Newfoundland, which exhibits strong potential for copper and other base metals.
AuMEGA's Cape Ray Shear Zone hosts several dozen high potential targets along with its existing defined gold Mineral Resource of 6.1 million tonnes grading an average of 2.25 g/t, totaling 450,000 ounces of Indicated Resources, and 3.4 million tonnes grading an average of 1.44 g/t, totaling 160,000 ounces in Inferred Resources1.
AuMEGA acknowledges the financial support of the Junior Exploration Assistance Program, Department of Industry, Energy and Technology, Provincial Government of Newfoundland and Labrador, Canada.
1 News release dated 30 May 2023
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272568
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